Total outstanding consumer credit has reached VND2.8 quadrillion ($110 billion), equivalent to 20% of the total outstanding loans of the whole economy, according to the State Bank of Vietnam (SBV).

Consumer credit has played an important role in socio-economic development, said Deputy Governor of the central bank Doan Thai Son at a recent conference on promoting consumer credit in a healthy manner to prevent “black" credit.

Increasing access to consumer credit will help to not only meet financial demand of citizens but also curb unofficial credit channels such as "black" credit, he said.

Major domestic banks have been rolling out many offers with incentives to individual customers to meet their increasing demand.

The global consumer credit has also developed strongly, reaching around $11 trillion in 2023. It is expected to hit $15 trillion in the next five years, according to Mr. Son.